Sources have revealed that India is likely to propose setting up a G20 expert committee to examine World Bank reforms and improve the institution’s lending capacity for climate funding in middle- and low-income nations.
The plan is anticipated to be brought up at a G20 summit this week at the Nandi Hills summer retreat, which is close to Bengaluru, India’s tech powerhouse, and is the first significant gathering of financial leaders from the bloc under India’s G20 chair.
According to the Indian finance ministry, this comes after World Bank President David Malpass and Indian Finance Minister Nirmala Sitharaman spoke on Wednesday about reducing debt vulnerabilities.
India’s chief economic adviser said on Tuesday that the G20 financial chiefs conference would focus heavily on reforming multilateral development banks.
Sitharaman also said to Malpass on Wednesday that multilateral development banks could play a big role in incentivizing private capital, de-risking instruments, and providing higher concessional funding, and that climate finance was a focus area under India’s G20 presidency.
Story was adapted from Climate Home News
